Are We Looking At A Double Top?

The bull market may turn 1 on Tuesday, but investors were in no mood to party. Monday was the lowest volume day of the year.

And our traders are closely watching developments, worried that a bearish technical signal may be forming.

What must you know?

Strategy Session with the Fast Money traders

In order for me to feel bullish, the S&P needs to close above 1155, muses Guy Adami. Personally, I think we’re nearing a top.

If you’re bullish, you absolutely want to see the market break above 1150, adds Joe Terranova. If we fail at that level we’re looking at a double top, a very bearish technical sign. But that could speak to the low volume; investors are waiting to see if the S&P can break above this level.

I thought the volume on Monday was very interesting, says Karen Finerman. Where were the investors? That could be telling.

And we didn’t get the typical mutual fund Monday inflows, adds Pete Najarian. That surprised me. 19 out of the last 23 Mondays have seen sharp inflows. But not this time.

Looking at specific stocks, if you’re in Ford, the trader in me says it’s time to take profits, counsels Guy Adami.

Or if you want a trade from the long side, I’m bullish Exxon Mobil, adds Joe Terranova.

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For Joe TerranovaTerranova Works For (VRTS)Terranova Is Chief Market Strategist Of Virtus Investment Partners, Ltd.Virtus Investment Partners Owns More Than 1% Of (EXR)Virtus Investment Partners Owns More Than 1% Of (GOK)Virtus Investment Partners Owns More Than 1% Of (IGE)Virtus Investment Partners Owns More Than 1% Of (XLY)Virtus Investment Partners Owns More Than 1% Of (DBV)Virtus Investment Partners Owns More Than 1% Of (XLP)Virtus Investment Partners Owns More Than 1% Of (XLB)Virtus Investment Partners Owns More Than 1% Of (XLV)Virtus Investment Partners Owns More Than 1% Of (XLI)